Buy Chainlink in Canada
Chainlink made simple
Everything you need to know about Chainlink and how to start investing in it.
-$3.43 (-13.46%) past 24 hours
- Market Cap
- Circulating Supply
- Total Supply
- 24h low - high range
- 24.36 - 28.68
- 7 day low - high range
- 24.12 - 33.23
- 52 week low - high range
- 17.48 - 68.16
When you think Chainlink, think of an independent fact-checker.
Chainlink is a protocol that helps smart contracts (pieces of code that execute once certain conditions are met) confirm that the data they’re working with is correct.
Although smart contracts can validate data by themselves, Chainlink’s creators thought there was room for improvement. They thought that smart contracts needed a specific tool to verify the information — sort of like a bridge between data from the outside world and the blockchain.
So, Sergey Nazarov and Steve Ellis (who are currently CEO and CTO, respectively) launched that tool back in 2017. Chainlink is built off the Ethereum network (since most DeFi applications are built on Ethereum too), and their official coin (LINK) goes by the same name.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Chainlink?
The Chainlink network is middleware between off-chain and on-chain services. Its applications are pretty far-reaching in the DeFi world (in fact, Chainlink lists 77 use cases for smart contracts alone), but it also makes Chainlink pretty valuable for the enterprise crowd. Any organization looking to connect to a blockchain now has a more secure way of doing that.
Is Chainlink a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Chainlink or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Chainlink safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Chainlink prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Chainlink to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Chainlink
Want to take a deeper dive? Check out these articles about Chainlink and the world of crypto.
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What is Blockchain? The Ultimate Guide
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Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Chainlink with just $1. It’s that simple.
Chainlink is blockchain middleware that validates off-chain information (such as price feeds or event results), and links to payment systems on-chain without sacrificing decentralization or security.
LINK is the official token of the Chainlink network.
There are 1 billion Chainlink tokens in existence.
Chainlink sold 35% of these for $32 million in a token sale in 2017. An additional 35% are earmarked for node operators who do the verification work, and 30% is kept by the Chainlink company to pay staff and develop the protocol. As of September 2021, 45% of all the tokens are in public circulation.
LINK is built into the Chainlink network itself, meaning you can’t really spend it anywhere else. The reason for this is to incentivize key operations for the network — like paying node operators for doing proper validation work. And since some data is in higher demand than others, the payout in LINK may be higher depending on the request. The value of LINK as a cryptocurrency is tied to Chainlink’s ability to successfully execute smart contracts. Most people outside of the Chainlink network who hold LINK do so because they believe the value will increase over time.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Buying Chainlink with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Chainlink 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Chainlink. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
The current price for Chainlink in Canadian dollars is $22.08.
Chainlink’s current market cap is 24,560,436,943.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Chainlink transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.